Morning report

Gold succeeded to build a minor uptrend line as seen on the above four-hour chart. Adding the harmonic point of view to our captured Elliott count signaled that, the metal is forming the [CD] leg, targeting the areas of 1085.00, supporting the expected impulsive wave of the internal fifth wave. Therefore we keep our intraday outlook to the upside as far as 1048.00 remains intact.

The trading range for today is among the key support now at 1022.00 and key resistance now at 1100.00.

The general trend is to the upside as far as 865.00 remains intact with targets at 1129.00.

RecommendationBased on the charts and explanations above our opinion is, buying gold from 1064.00 targeting 1080.00 and stop loss below 1052.00 might be appropriate.